AMERCO, the parent company of U-Haul International Inc., reported financial results for the first quarter of its full 2021 fiscal year, which ended on June 30. Self-storage revenue increased $10.7 million during the quarter, compared with the first quarter of fiscal 2020. Average monthly occupancy was 67.6 percent as of June 30, compared to 68.4 percent the previous year.
Growth in revenue and rented square footage was attributed to a combination of occupancy gains at existing locations and the addition of new facilities. The company added approximately 5.2 million net rentable square feet of self-storage to its portfolio over the last 12 months, according to a press release.
Companywide, AMERCO reported net earnings available to shareholders were $87.7 million, or $4.47 per share, compared with net earnings of $132.4 million, or $6.76 per share, for the same period the previous year.
“Customer demand for U-Haul products and services has rebounded as society learns to cope with the effects of COVID-19,” said Joe Shoen, chairman. “As essential critical workers, the U-Haul team has stood tall and come through for the customer.”
The company held its investor call for the quarter on Aug. 6. A replay is accessible by visiting the “Events/Presentations” area of amerco.com.
AMERCO is the parent company of U-Haul International, Oxford Life Insurance Co., Repwest Insurance Co. and Amerco Real Estate Co. Established in 1945, U-Haul has more than 68 million square feet of self-storage space at owned and managed facilities throughout North America.
PR Newswire, AMERCO Reports First Quarter Fiscal 2021 Financial Results